Statistical and Econometrical Assessment of the Labor Market Impact on Other Economic Indicators by Economic Regions

Abstract

The balanced socio-economic development of the country’s regions arises from the balanced development of several economic systems. For this, the most important factor is to determine areas that stimulate development at an early stage. Thus, the growth of all economic sectors at the same rate does not mean the formation of a generally balanced development. For this, the composition of the economic process and the role of the labor market in the motivating factors must always be measured. A question arises, what is the importance of the division of the role of the labor market in these areas? Firstly, the main goal should be to achieve economic development and prosperity. Economic development itself will regularly play the role of impetus in the development of the social sphere. In general, the end result of all economic processes is to further improve the social welfare of the population. Taking into account the above mentioned, the impact of labor market indicators on other economic indicators for the regions of the country was assessed and analyzed in accordance with international methodology. For this, the economic indicators of the last 20 years were taken and the research work was conducted. The research identified main shortcomings and their solutions were shown in accordance with international methodologies. To this end, research is needed to be conducted to identify shortcomings that are always lacking in order to achieve full results in economic policies in future.